Galaxy Entertainment reveals Q2 results
Galaxy Entertainment Group Ltd revealed financial results of Q2 2020. The group’s net revenue was $1.2bn, a 91% drop compared to 2019. It’s also 77% less than revenue in Q1 when it was $6.2bn. Adjusted EBITDA stands at a loss of $1.4bn, compared to $4.3bn profit in Q2. The group reports its “balance sheet remains strong with $49.8 billion in cash and liquid investments and $43.6 billion of net cash as well as virtually unlevered”.
The group’s Galaxy Macau casino recorded net revenue of $0.3bn, a 97% decline compared to the previous year. Adjusted EBITDA recorded a loss of $1.2bn, a huge drop from a profit of $3.2bn the last year. StarWorld Macau earned $0.1 bn, with adjusted EBITDA at negative $0.3bn. Broadway Macau’s net revenue was $12m, with a loss of $52m from adjusted EBITDA.
The results recorded a drop in numbers compared to Q1 2020, likely attributable to the global lockdown due to the COVID-19 pandemic.
Galaxy Entertainment stated, “Given our views of the immediate future, we wish to highlight that the COVID-19 crisis will continue to have an adverse effect on our 2020 financial results.” However, the group remains optimistic, adding, “We continue to make progress with our international expansion plans.”
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